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Tech billionaire and Tesla CEO Elon Musk gave ETH bull the impetus they needed to surmount the $2K hurdle by revealing that he holds large amounts of the altcoin. He also confirmed that he personally owns bitcoin and Dogecoin.
Musk was speaking at the B-Word cryptocurrency conference held on July 21, which featured other big names such as Twitter CEO Jack Dorsey and ARK Investment founder Cathie Wood. The Crypto Council established the forum for Innovation to help demystify bitcoin and promote the mainstream adoption of cryptocurrencies.
Following Musk’s mention of Ether, the coin shot up over 10% to hit a high of t $1,979 for the first time in weeks. The second-largest crypto was already rallying on the day, but it soared to its highest level of the session following Musk’s comments. ETH has now broken above the $2K barrier, as the bullish comments from Musk continue to impact the price positively.
The entrepreneur also addressed allegations that he uses his influence to artificially increase crypto prices, explaining that he might pump but does not dump.
Tesla Could Start Accepting BTC Payments Again
The BTC price also rallied after the Tesla CEO confirmed that he supports cryptocurrencies in general and “wants bitcoin to succeed.” As a result, the top cryptocurrency jumped over 6% to hit a high of $31,952 during the session. It has now corrected some of its gains but is still up nearly 2%, per data from coinmarketcap.
Musk also addressed the environmental impact of bitcoin mining, noting that the network’s proof of work model uses too much electricity to harm the environment. However, he reiterated his support for BTC despite the environmental risk, adding that the coin is evolving and has a lot of potential despite the current usability issues.
Musk-led Tesla decided to stop accepting bitcoin as payment for its automobiles after environmentalists criticized the electric car maker for embracing energy-intensive crypto. However, during yesterday’s conference, Musk hinted that he was looking into reversing the bitcoin ban.
“I wanted a little bit more due diligence to confirm that the percentage of renewable energy usage is most likely at or above 50% and that there is a trend towards increasing that number, and if so Tesla would resume accepting Bitcoin,” the tech billionaire explained.
What Next For the Ethereum Price?
During yesterday’s late session, the top altcoin formed a decent support base above $1,720. The bulls used that support to propel ETH past the $1,800 and $1,850 resistance levels, culminating in the spike above $2K.
After the latest musk-inspired rally that saw ETH reach a high of $2,033, investors will see whether the comeback is sustainable. For Ether to move further into the green, the bulls must keep the price above the $2K resistance.